General Accounting | Phnom Penh HR

IAS 16 PROPERTY, PLANT AND EQUIPMENT

Phnom Penh HR May 1, 2017 F3, General Accounting, IAS 16 Property, Plant and Equipment

IAS 16 PROPERTY, PLANT AND EQUIPMENT LEARNING OBJECTIVES 1.Definition 2.Recognition 3.Initial Measurement 4.Subsequent Expenditure 5.Subsequent Measurement 6.Depreciation …………………………………………………………….. Definition: Property, plant and equipment are tangible assets held by an entity for more than one accounting period for use in the production or supply of goods or services, for rental to others, or for administrative purchases. Recognition: Cost of asset can

ACCRUALS AND PREPAYMENT

Phnom Penh HR May 1, 2017 F3, General Accounting

ACCRUALS AND PREPAYMENT LEARNING OBJECTIVE I.INTRODUCTION II.PREPAYMENTS III.ACCRUALS IV.SUMMARY OF ENTRIES ………………………………………………………… Download lesson: CHAPTER 1 ACCRUAL AND PREPAYMENT

CHAPTER 9 BANK RECONCILIATION

Phnom Penh HR April 30, 2017 FA2, General Accounting

I. PURPOSE OF BANK RECONCILIATION The purpose of a bank reconciliation is to ensure that the ledger account balance and the bank statement balance agree ( subject to timing difference). There will be two types of reconciling items: -Items that appear on the bank statement but have not yet been entered into the day books -Items that have been entered

CHAPTER 8 CLOSING INVENTORY

Phnom Penh HR April 30, 2017 FA2, General Accounting, IAS 2 Inventory

I. VALUATION OF INVENTORY Inventory may include any of: -Finished goods -Work in progress -Material The prudence concept requires that profit are not anticipated, but losses are accounted for as soon as they are known. For this reason, IAS2 Inventories states that inventory is valued in the statement of financial position at the lower of cost and net realisable value

CHAPTER 7 PARTNERHSIP ACCOUNTS

Phnom Penh HR April 30, 2017 FA2, General Accounting

I. PARTNERSHIPS-BASIC PRINCIPLES Definition: a partnership is two or more individuals jointly carrying on business with a view to making profit. A, partnership agreement, which need not necessarily be in written form, will govern the relationships between the partners. Important matters to be covered include: -Capital to be introduced by partners -How profits are shared between partners -Drawings by partners

Chapter 6 Provisions and Liabilities

Phnom Penh HR April 30, 2017 FA2, General Accounting, IAS 37 Provisions, Contingent Liabilities and Contingent Assets

I. Provision A provision is a liability of uncertain timing or amount. Uncertainty is what distinguishes a provision from another type of liability ( such as a trade payable or an accrued expense). If a business has a trade payable or a bank overdraft, its management know that there is a liability. Management also knows the amount that the business

CHAPTER 5 PREPARATION OF FINANCIAL STATEMENT

Phnom Penh HR April 30, 2017 FA2, General Accounting

I. COST OF GOODS SOLD Cost of goods sold (Dr)= beginning inventory (Dr)+ purchase(Dr) – ending inventory(Cr) Entry for cost of goods sold accounts: Purchase account Dr. Purchase account……………………………………………………..….xx Cr. AP/cash at bank account……………………………………………….xx Opening inventory account: Dr. opening inventory account/cost of good sold ( in income statement)………..xx Cr. Inventory account ( in BS )………………………………………..……xx Closing inventory Dr. Inventory account

CHAPTER 4 PURCHASE LEDGER RECONCILIATION AND SALES LEDGER RECONCILIATION

Phnom Penh HR April 30, 2017 FA2, General Accounting

I. THE NATURE OF PURCHASE AND SALES LEDGER CONTROL ACCOUNTS The balance on the control account should equal the sum of the individual balances on the relevant personal ledgers. An important method of checking errors is to reconcile the balances on the purchase ledger control account and the sales ledger control account to the total of the individual balances in

CHAPTER 3 NON-CURRENT ASSET

Phnom Penh HR April 30, 2017 FA2, General Accounting, IAS 16 Property, Plant and Equipment

I. IAS 16 PROPERTY, PLANT AND EQUIPMENT IAS 16 property, plant and equipment provide the rules relating to accounting for non-current assets, including depreciation. Definition depreciation is measure of the cost of the economic benefits of the tangible non-current asset that have been consumed during the period. This consumption may arise because of any of the following factors. Use-i.e. Plant

CHAPTER 2 INTRODUCTION TO FINAL ACCOUNTS

Phnom Penh HR April 30, 2017 FA2, General Accounting Leave a Comment

The income statement is a financial statement that shows the financial performance of a business for an accounting period. ……………………… Download CHAPTER 2 introduction to final account

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